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Teva Pharmaceutical (TEVA) - Anticipating Upside

Teva Pharmaceutical (TEVA) seems to be coming up from a price bottom and we might see some at least some limited upside in the short to medium-term.

TEVA Daily Chart

(click to enlarge)

Trend Shift:- TEVA has been bearish since the 2015 high of 72.31. - It made a 2017 low at 28.06 before a bullish swing.- Note that this bullish wing pushed above a previous high as well as the 100-day simple moving average (SMA)- Furthermore, the RSI pushed above 70, which suggests development of bullish momentum.- I would not call this a bullish trend yet, but we might see some bullish correction in the short to medium-term term (months) against the almost-2-year downtrend.Upside:- I think we should limit the upside to 38 at the moment. - 38 is the next key resistance pivot. - When we look at the weekly chart, we should also look at when the RSI approaches 60. If price is around 38 concurrently, we should expect a bearish swing.- I would not be surprsied by a push to 40 as well, but being that the prevailing trend is bearish, I would prefer a conservative bullish target.